This stock is gaining momentum, while the rest of the market struggles, according to the charts
In a weaker tape, it is important to identify stocks with technical set-ups that differ from that of the major indices. While the S & P 500 Index and Nasdaq-100 Index have seen a significant loss of long-term momentum, a stock like Charter Communications, Inc. (CHTR) has gained long-term momentum. The stock has a relatively low beta of 0.77 versus the S & P 500, and it has a low correlation, with an r-squared of approximately 0.11. CHTR has been building a base for over two years following a bear market cycle in 2022, with the monthly chart taking the shape of a rounded bottom formation. More specifically, the chart has the look of an inverse head-and-shoulders pattern, which are often associated with bullish reversals. The monthly MACD points higher, reflecting significant improvement in long-term momentum. This comes after the indicator made a bullish divergence, having formed a higher low in mid-2024 when price made a lower low. CHTR rallied into today's earnings report and has extended its gains after the print, taking it further away from long-term cloud-based support near $326. The rally is resulting in a test of trendline resistance near $385. The weekly MACD indicator is pinched towards a 'buy' signal, increasing the likelihood of a breakout. Should a breakout be made decisive above the trendline, it would affirm that a cyclical uptrend is in place. An intermediate-term upside objective is defined by a 38.2% Fibonacci retracement level acting as secondary resistance near $461. In relative terms, CHTR also has a long-term turnaround playing out. The ratio of CHTR to the S & P 500 has seen its 40-week moving average (MA) turn the corner to suggest momentum has significantly improved. The ratio also has a fresh breakout above recent highs in a bullish intermediate-term development in relative terms. The relative breakout is a potential leading indication of a breakout in absolute terms. —Katie Stockton with Will Tamplin Access research from Fairlead Strategies for free here . DISCLOSURES: (None) All opinions expressed by the CNBC Pro contributors are solely their opinions and do not reflect the opinions of CNBC, NBC UNIVERSAL, their parent company or affiliates, and may have been previously disseminated by them on television, radio, internet or another medium. THE ABOVE CONTENT IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY . THIS CONTENT IS PROVIDED FOR INFORMATIONAL PURPOSES ONLY AND DOES NOT CONSITUTE FINANCIAL, INVESTMENT, TAX OR LEGAL ADVICE OR A RECOMMENDATION TO BUY ANY SECURITY OR OTHER FINANCIAL ASSET. THE CONTENT IS GENERAL IN NATURE AND DOES NOT REFLECT ANY INDIVIDUAL'S UNIQUE PERSONAL CIRCUMSTANCES. THE ABOVE CONTENT MIGHT NOT BE SUITABLE FOR YOUR PARTICULAR CIRCUMSTANCES. BEFORE MAKING ANY FINANCIAL DECISIONS, YOU SHOULD STRONGLY CONSIDER SEEKING ADVICE FROM YOUR OWN FINANCIAL OR INVESTMENT ADVISOR. Click here for the full disclaimer. Fairlead Strategies Disclaimer: This communication has been prepared by Fairlead Strategies LLC ("Fairlead Strategies") for informational purposes only. This material is for illustration and discussion purposes and not intended to be, nor construed as, financial, legal, tax or investment advice. You should consult appropriate advisors concerning such matters. This material presents information through the date indicated, reflecting the author's current expectations, and is subject to revision by the author, though the author is under no obligation to do so. This material may contain commentary on broad-based indices, market conditions, different types of securities, and cryptocurrencies, using the discipline of technical analysis, which evaluates the demand and supply based on market pricing. 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